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Loans and Credit Cards Glossary - S
Money terms defined on this page:
For a full glossary list click here
Secured loan
This is also known as a homeowner loan. It involves securing the loan on the value of your house, which means that you can borrow more, you can borrow for longer, and your interest rate should be reasonable. Unfortunately, if you fail to keep up repayments you could lose your house.
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Store cards
These are credit cards offered by large high street or department stores. You can usually only use them inside the store, and the APR might be fairly high. Store cards usually come with an initial offer of money off your purchases.
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Student bank account
These are similar to youth accounts, in that they’re designed to draw in new customers who might stay with their bank for life. They offer free banking, an interest free overdraft and a student advice service. They might offer a credit card, and there will be incentives to join like gift vouchers and discounted travel.
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